By Valerie Volcovici and Emily Flitter WASHINGTON/NEW YORK (Reuters) - Donald Trump on Friday picked a prominent climate change skeptic to help him craft his energy policy and pushed back against renewed calls that he release his income tax returns - saying his tax rate is "none of your business." The presumptive Republican presidential nominee is seeking to build out his policy proposals as he pivots from campaigning for his party's nomination to a likely general election matchup with Democratic rival Hillary Clinton. Among those he has asked for help is U.S. Republican Representative Kevin Cramer of North Dakota, one of the country's most ardent oil and gas drilling advocates and climate change skeptics. North Dakota has been at the forefront of the U.S. shale oil and gas boom.
U.S. Bankruptcy Judge Barbara Houser in Dallas ruled that there was "clear and convincing evidence" Wyly committed tax fraud, rejecting his arguments that he relied on professional advisers to vet the offshore system. The ruling followed a trial in which the Internal Revenue Service sought $1.43 billion in back taxes, penalties and interest from Wyly and $834.2 million from Caroline Wyly, the widow of his late brother Charles. While Houser found that Sam and Charles Wyly committed tax fraud, she ruled that Caroline "Dee" Wyly was innocent of wrongdoing and did not know the details of what was done offshore.
(Reuters) - Moody's Investors Service on Tuesday slapped a negative outlook on Kansas' Aa2 credit rating, citing the state's reliance on one-shot measures to balance its budget. Governor Sam Brownback plans to divert $185 million in sales tax revenue from the state' highway fund to the general fund and delay a $96.5 million fiscal 2016 pension payment to help fill the gap. "By continuing to balance its budget with unsustainable, nonrecurring resources, including pension underfunding, it is accumulating large and expensive long-term liabilities that it will be paying off for a long time," Moody's said in a statement.
Commerzbank , which faces criticism for helping investors exploit tax loopholes in Germany, will stop offering such tax deals in anticipation of new legislation, Chief Financial Officer Stephan Engels said on Tuesday. German Chancellor Angela Merkel's cabinet in February drafted a law which, if approved in parliament, would grant foreign investors the same tax status as domestic investors. Under current law, domestic funds are exempt from paying corporate income tax on revenue related to dividends and real estate, while foreign funds are required to pay 15 percent tax on such gains.
Atlantic City, New Jersey's cash-strapped gambling hub, avoided a default on Monday by making its $1.8 million debt service payment, Mayor Don Guardian said. It has lost nearly 70 percent of its property tax base since 2010 as casino values plummeted because of competition from neighboring states. "If we didn't make our bond payment it would be detrimental (to everyone), including us," Mayor Don Guardian said at a press conference.